Very interesting. The headline on Yahoo is "Stocks Finish Lower On Economic Reports." The only problem with that is that the "economic reports" suggested that there will be huge profits coming in the new year, that housing is on the mend, and that employment is finally under control. But all the market could see was the possibility of new interest rate hikes in the near future. Oh Bull Snot!
We know why - it was because there was nothing left to buy and so the crap got sold. Then about mid day things turned around and for one brief shining moment this afternoon the Industrials even turned green.
Now there are things to buy - not great but some stuff is available - we'll get to the indicators in a minute.
I sold off the HCC this morning for a small profit. Once again I probably should have kept it but I really wanted to buy some more DHI which I did on the turn around in mid morning. Still holding SYMC and it actually went up today and stayed up - will wonders never cease. I also hit MAMA for a nice scalp. I took it on the turn-around second candle and rode it to the top. It fell back some but that volume spike on the 4th and 5th candles kind of said - blow-out and the confirmation on the sixth candle got me out with some profit.
This is actually turning out to be a pretty good little stock for a fast buck a couple of times a week. After the blow-out top I considered a short but I don't like to short so I let it go - hope some other folks made some on it. That volume spike at end of day looks to me like some short covering. See how the stock went down then went back up again?
Anyway tomorrow is last business day of the year and it should be soft and mushy like today. All the tax sales and fund buying had to be accomplished by COB Wednesday so I doubt anything else will be going on and the street will probably take off early for a four day.
The numbers are starting to get better as the up/down ratio is now at 39% and the 20 day high/low ratio is 65% and this all reflects well for having things to buy. The VIX remains in the neutral zone and the three majors (DIA, QQQQ, SPY) the one minor (IWM) and the proxy for the stock market of the 22nd century - GS - all printed red candles in the last hour of trading which means complete and utter capitulation. I think we just go sideways tomorrow.
The magic coin is now 41-31 having hit today and for tomorrow says .... tails again - another bear day - could be.